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Insights & Education

Retired women share three lessons for financial success


Learning from others’ experiences allows you to gain valuable insights and avoid repeating mistakes, access new perspectives and benefit from the knowledge and strategies others have developed. It also gives you the potential to avoid some of the same trials and errors yourself.

In Corebridge’s study on women, money and retirement, we ask retired women what they did well and what they would do differently if they could go back in time. Here are three key lessons:

 

LESSON 1 

Don’t wait to save 

Top lesson learned? Save as soon as you can – if you haven’t started, do so now; if you have, try to increase the amount you save. This lesson of paying yourself first comes from nearly 2-in-3 of the retirees in the Corebridge study.1 And this is important at all ages – while it is especially beneficial to begin as young as possible, now is the best time for all ages. 

 

  • Benefit from the time value of money – getting started as soon as possible helps you benefit from the power of compound interest, which is when you earn interest not only on the principal amount you contribute to your savings, but also on the interest itself. This is a core financial concept that can result in exponential growth as the years pass.

  • Establish a life-long savings habit – the more you practice a habit, the more ingrained it becomes. Paying yourself first helps you build an emergency fund, address debt and can build wealth for retirement. Treat your savings as a nonnegotiable expense – the first bill you pay, regardless of how little you begin with. Prioritizing your financial wellbeing can give you even more flexibility during challenging times.

If they could go back in time:
63% of retired women would start saving earlier.

 

Corebridge Financial Study on Women, Money and Retirement, 2024.

LESSON 2

Seek professional guidance

Working with a financial professional can increase knowledge and confidence and help improve financial outcomes. And the earlier these conversations, the better – more than a third of retired women (38%) who work with an advisor wish they had begun sooner.2 

It’s important to overcome some of the self-enforced barriers to seeking financial guidance, such as thinking it is too expensive or requires a large minimum amount of money to get started – many employers provide access to financial professionals as part of their retirement plan. Another option is to ask trusted friends or family members who they work with and see if you can have a meeting with someone they recommend. Here are some of the initial topics a financial professional can help you with on your way to financial security.

Women who work with a financial professional are more familiar with the following topics than those who don’t: 

Turning retirement savings into income: 
64% vs. 32% 

Using annuities to generate lifetime income: 
55% vs. 28% 

Retirement spending strategy: 
65% vs. 34% 

 

Corebridge Financial Study on Women, Money and Retirement, 2024.

LESSON 3

Maximize your retirement plan contributions

Nearly one-third of retired women (31%) say they would have contributed more to their employer retirement savings plan.3 These plans, such as 403(b)s, 457s and 401(k)s, often have significant advantages that can make saving easier and more effective. Here are some of the benefits:

 

  1. Pre-tax contributions – typically, contributions are tax-deferred, which means you don’t pay income tax on the money (or interest earned) until you withdraw the funds in retirement. This can reduce your taxable income today while increasing your retirement savings. 

  2. Potential for matching contributions – many employers match up to a certain percentage of your contributions. This is additional savings they deposit in your retirement account on your behalf, which you can only get if you’re contributing as well. Check your employer plan for specifics. 

  3. Catch-up contributions for older workers – once you reach age 50, there is an increase in the maximum amount you can contribute to your employer retirement plan, which can help you catch up on savings. These extra years of additional savings can help bridge the retirement savings gap. You can learn more about current contribution limits here.
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Lessons shared can improve financial outcomes across generations 

The experiences shared by retired women underscore the importance of taking proactive steps to secure your financial future. Start saving early, even if it’s a small amount. Seek professional guidance to help you create a strategy for long-term financial wellbeing. And take advantage of the many benefits of your employer retirement plan, including access to financial education and advice. No matter when you start, this can help you build a stronger financial foundation and help you approach retirement with confidence.

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1, 2, 3. Corebridge Financial Study on Women, Money and Retirement, 2024.